The European Central Bank (ECB) took a new step into the digital euro project in November 2023 with the release of its third progress report, which corresponds to the preparatory phase that began almost two years ago.
The document highlights efforts to design “safe, accessible and functional” digital currency for eurozone citizens.
To do this, ECB has shown that it has received support from a specialized group It consists of representatives from the European retail payment market, along with experts in key areas such as risk management and conflict resolution.
The project also focuses on understanding the needs of different user groups first. In this sense, it emphasizes that around 70 market participants are assessing features such as conditioned payments and conducting technical tests to explore possible ways to integrate the digital euro into the current financial system.
At the same time, the ECB conducted interviews with small merchants, vulnerable consumers and less representative groups with the aim of the digital euro being comprehensive and addressing specific needs. The results of this survey will be published in the third quarter of 2025, according to the report.
In addition, the institution Strengthened technical sessions, workshops and bilateral meetings to ensure the digital euro is integrated Complement existing payment solutions in Europe.
Additionally, it will maintain constant interaction with continental institutions, provide technical advice, and update the Minister of Finance and the European Parliament on the progress of the project.
Piero Cipollon, a member of the ECB Executive Committee, celebrated the rhythm of accelerated legislative work in a global context characterized by geopolitical and economic challenges.
He added: “We are delighted that our efforts are still on the right track while we work to address the boundaries of EU leaders in accelerating our progress towards the digital euro.”
As reported by Cryptootics, European CBDC is scheduled to be released in October 2025provided that the legislative process required for approval is completed successfully on that day.
Progress occurs despite sustained global concerns regarding the financial supervision and management that these digital currencies can represent to users. Regionally, CBDC development projects have been paralyzed in South Korea these days, but in the US lawmakers are moving forward to ban these assets from being issued in their own country.